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Gold/Mining/Energy : Mandorin Goldfields MGD.V

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To: wayne cath who wrote (320)	10/13/1998 4:16:00 PM
From: Flea	Read Replies (1) of 633

New Zimbabwe JV Mandorin Goldfields Inc MGD Shares issued 15,741,120 1998-10-06 close $0.05 Tuesday Oct 13 1998 Also Rio Amarillo Mining Ltd (RIO) Mr. Malcolm Stevens reports The letter of agreement entered into with Picard Holdings and the Vancouver listed company Rio Amarillo Mining Ltd. (see announcement in Stockwatch July 2, 1998) has been replaced by a joint venture arrangement. Mandorin has instead granted Rio an option to acquire a 50 per cent interest in EPO 1073 and then enter a 50:50 joint venture. This will be known as the Mufurudzi joint venture. Rio will spend $750,000 over two years to earn its 50 per cent interest. EPO 1073 is on the western boundary of and on the same geological structure of and along strike from NAR Resources Limited's (a Toronto based company) highly prospective Maramba project. Mandorin understands that the NAR/FEZ (Falconbridge Exploration Zimbabwe) partnership has undertaken a significant drilling program (22 diamond drill holes) on this project. The major target there is VMS (volcanogenic massive sulphide) style base and precious metals deposits. The results from the drilling are due shortly. NAR Resources Limited has in the meantime announced that a further program comprising 13 diamond drill holes totalling 4,500 metres will be undertaken at the Maramba project. The value of Mandorin's Zimbabwean EPO's has been assessed by Watts Griffis & McOuat in a report dated April 15, 1998 to have a median value of $3.7-million with a low of $3.4-million and a high of $4.0-million. In the case of EPO 1073 it was valued between $800,000 and $1,000,000. The report notes there is a history of small gold production within the claim area primarily between the 1914-1945 period. The Mufurudzi joint venture agreement (with Rio agreeing to spend $750,000) implies a value for EPO 1073 of $1.5-million. The entering into of the Mufurudzi joint venture with Rio highlights the prospectivity of Mufurudzi/Maramba and opens the possibility of the region being the focus of a major exploration effort. The initial exploration of the Mufurudzi joint venture will examine the potential for gold, nickel and VMS mineralization. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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